Nasdaq Dubai recently welcomed the listing of three sukuk issuances from the Republic of Indonesia with a total value of $2.75 billion. These sukuk issuances are part of Indonesia’s $45 billion Trust Certificate Issuance Program.
The newly listed sukuk tranches include $1.1 billion 5 percent Trust Certificates due in 2030, $900 million 5.25 percent Trust Certificates due in 2034 and $750 million 5.65 percent Trust Certificates due in 2054.
Notably, this issuance marks the fourth time in 2024 that Indonesia has accessed the USD debt capital market, establishing it as the only Asian sovereign to do so successfully. This highlights the consistent and strong investor interest in the country’s issuances. Earlier this year, Nasdaq Dubai also welcomed three sukuk issuances from Indonesia totaling $2.35 billion.
21 listings worth $24.6 billion from Indonesia
With these listings, the total value of sukuk listed reached $98.9 billion, reaffirming Dubai’s position as the global leading venue of sukuk issuances. Besides, Indonesia is one of the largest Sukuk issuers on Nasdaq Dubai. With the latest issuance, Indonesia’s total listed sukuk on the exchange reached $24.6 billion across 21 listings.
To celebrate the occasion, Husin Bagis, Ambassador of Indonesia to the UAE, rang the market opening bell alongside Eko NM Saputro, finance attache at the Indonesian Embassy in Abu Dhabi.
“The three Sukuk issuances by the Republic of Indonesia represent a remarkable achievement. Despite global financial challenges, the government successfully entered the market, attracting interest from a diverse range of investors across geographies. This highlights strong investment appetite and market confidence in the Republic, underpinned by its robust economic fundamentals,” stated Bagis.
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Issuance oversubscribed 1.8 times
The issuance received an oversubscription rate of 1.8 times, signaling robust interest from global investors and reinforcing confidence in Indonesia’s economic trajectory.
“This achievement underscores the strong partnership between Indonesia and Dubai, while reaffirming Nasdaq Dubai’s position as a premier global hub for Islamic finance,” stated Hamed Ali, CEO of Nasdaq Dubai and Dubai Financial Market.
The sukuk listings reflect the strong confidence international investors have in Indonesia’s robust economic fundamentals in addition to the reliability of Nasdaq Dubai as a marketplace. Ali reiterated the exchange’s commitment to supporting issuers and investors alike, fostering growth and innovation in the global Islamic finance sector
